Property values drop slightly in Parksville Qualicum Beach

While property values are up slightly across the province on average, they are stable or down slightly on Vancouver Island, including the Parksville Qualicum Beach area.

As reported in the 2014 property assessment roll released by the B.C. Assessment Authority Jan. 2, the value of all B.C. property rose 1.27 per cent, despite declines in most regions for farm, recreational and managed forest land.

“Most homes in Oceanside are worth less in value compared to last year’s assessment roll,” said Bill Dawson, Vancouver Island regional acting assessor. “Most… will see modest changes in the minus 15 to plus five per cent range,” he said of the area’s 25,000 property owners.

The Parksville Qualicum Beach area’s overall 2014 assessment decreased 1.3 per cent ($119 million) from last year to $8.6 billion this year.

That was despite an increase of almost $103 million from subdivisions, rezoning and new construction, Dawson said.

In Parksville the average single family dwelling is up 0.6 per cent to $302,300 but strata units are down 12.8 per cent to $185,792.

In Qualicum Beach the average single family dwelling is down 1.3 per cent to $366,600 and strata units are down 4.3 per cent to $191,182.

In the rural areas single family dwellings under two acres are down one per cent to $374,600 on average and larger properties are down 5.3 per cent to $447,200.

Across the local region commercial property, with a total the taxable assessment of $474 million, have changed from minus 25 to five per cent with an average increase of 2.7 per cent.

Parksville director of finance Lucky Butterworth explained that a change in assessment doesn’t mean a change in individual property taxes since they work back from the assessment to raise the needed revenue.

A change in assessment only impacts a property if it is different from the average, meaning if your assessment changes the same as the average, the only change in your taxes would be those set by the municipal tax rates — for example Parksville’s five year financial plan calls for a three per cent increase each year, or about $70 a year for the average detached home.

The assessments also reveal the most valuable residential properties on the Island with one on Dorcas Point in Nanoose Bay ranking number two at $9.6 million. That only makes it the 236th most valuable property in the province.

Of the 20 most valuable residential properties on the Island outside greater Victoria, eight are waterfront properties in the Parksville Qualicum Beach area.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact B.C. Assessment as indicated on their notice as soon as possible,” said Dawson.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel,” he added.

The local assessment office is at 300-125 Wallace Street, Nanaimo, open 8:30 a.m. to 5 p.m., Monday to Friday. Call 1-866-valueBC (825-8322) or check www.bcassessment.ca for more information.